Disposal of Bingo Godz and CastleJackpot Assets

RNS Number : 7361J

Gaming Realms PLC

09 April 2015

 

Gaming Realms Plc

("Gaming Realms," the "Company" or the "Group")

Disposal of Bingo Godz and CastleJackpot Assets

Gaming Realms, the creator and developer of interactive next generation online gaming products, today announces it has conditionally agreed to enter into an Asset Sale and Purchase Agreement to sell all associated assets in its Bingo Godz and Castle Jackpot brands (including the domains) which are currently operated by IP&S Limited ("IP&S"). The purchaser is European Domain Management Ltd.

Summary of the Disposal:

·      Total consideration £500,000 in cash to Gaming Realms

·      Losses associated with these assets totalled c. £2.1m for 12 months ended 30 September 2014

The consideration will be satisfied by a payment of £200,000 in cash, with a further £300,000 paid in cash over the next 17 months which the Company will reinvest into SpinGenie which sits on the Group's own proprietary platform.

Patrick Southon Chief Executive Officer said:

"With the successful launch of our own platform and the great growth we are seeing on SpinGenie, this is the next stage of our stated strategy to focus our resources on our own technology platform where we see a quicker and more sustainable return on investment than on third party operated sites such as Bingo Godz and Castlejackpot"

- Ends -

Gaming Realms Group Patrick Southon, CEO c/o Bell Pottinger	[phone]
Cenkos Securities (Nomad and Broker) Max Hartley (Nomad), Julian Morse (Sales)	[phone]
Bell Pottinger Olly Scott James Newman	[phone]

About Gaming Realms

Gaming Realms Limited is an online gaming business formed in 2012 to develop a new generation of social bingo and slot machine gaming concepts.

Gaming Realms was founded by the team behind Cashcade, which created the leading online bingo brand, Foxy Bingo, in addition to other online bingo and casino games. The success of Cashcade culminated in its sale to bwin.party digital entertainment plc for a total consideration of approximately £96 million in 2009.

 

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